Allegiant Travel Co Stock Price, News & Analysis

Allegiant (NASDAQ: ALGT) announced six new nonstop routes for summer and fall travel, targeting popular destinations in Florida and the west. This includes first-time flights to Phoenix Sky Harbor International Airport with introductory one-way fares starting at $38. The new routes will connect cities such as Provo, Utah, and Bentonville, Arkansas, with significant launch dates between July and October 2021. Allegiant aims to make travel accessible and convenient for vacationers.

Allegiant Travel Company (NASDAQ: ALGT) disclosed its preliminary passenger traffic results for April 2021. Total scheduled service passengers reached 1,009,460, down 20.4% from April 2019. Revenue passenger miles also fell 21.6% to 904,249,000. The load factor decreased by 17.2 percentage points to 63.8%. Although the number of departures slightly increased by 1.1%, available seat miles saw a 0.6% drop to 1,417,235,000. Year-over-year comparisons highlight a remarkable recovery, with passenger counts up by 2,677.7% from April 2020.

On May 12, 2021, Allegiant Travel Company (NASDAQ: ALGT) announced its relocation to Terminal 1 at Los Angeles International Airport (LAX), aiming for enhanced operational capacity. Starting May 19, Allegiant will base an additional Airbus A320 at LAX to boost service amid rising summer travel. Since launching operations at LAX in 2009, the airline has served over 4.2 million passengers and plans new routes to cities including Indianapolis, Omaha, and Rapid City. Allegiant continues to focus on affordable, nonstop flights catering to leisure travelers from smaller cities.

Allegiant (NASDAQ: ALGT) announced plans to hire 184 pilots, increasing its workforce by nearly 19% from approximately 1,000 pilots. This hiring initiative is part of the company's strategy to meet growing demand for air travel as restrictions ease and vaccination rates rise. Training for new pilots will commence in July and continue into early 2022. Allegiant operates an all-Airbus fleet and boasts over 580 routes to 129 cities, employing more than 4,000 team members.

Allegiant (NASDAQ: ALGT) has promoted Rob Goldberg to senior vice president and senior counsel. Goldberg, who has over 40 years of legal experience, joined Allegiant in 2017 and has worked extensively in corporate finance and securities law. His previous roles include working as a partner in prominent Atlanta law firms and facilitating public offerings for three airlines. Allegiant's president, John Redmond, noted Goldberg's expertise as vital for the company's upcoming growth phase.

Allegiant Travel Company (NASDAQ: ALGT) has priced an underwritten public offering of 1,350,000 shares at $219.00 each, totaling approximately $295.65 million. The offering is anticipated to close around May 10, 2021, pending customary conditions. The company plans to utilize the net proceeds for growth opportunities, including aircraft acquisitions and debt repayment. Barclays and Morgan Stanley are the underwriters for the offering.

Allegiant Travel Company (NASDAQ: ALGT) has launched a public offering of 1,350,000 shares of its common stock, with a 30-day underwriter option for an additional 202,500 shares. The net proceeds will support airline growth, including aircraft acquisitions and debt repayment. Barclays and Morgan Stanley are the underwriters. A registration statement, including a prospectus, has been filed with the SEC, and potential investors can access these documents through the SEC's EDGAR system or upon request.

TELEO Capital Management has made a significant growth equity investment in Teesnap, a golf course operations management software platform. This partnership with Allegiant Travel Company aims to enhance product development and market initiatives. Teesnap offers a cloud-based SaaS solution for golf course operators, featuring real-time scheduling, point-of-sale systems, and marketing services. The investment will facilitate product innovation, geographic expansion, and potential acquisitions to capitalize on the growing golf industry.

Allegiant Travel Company (NASDAQ: ALGT) reported a first-quarter 2021 net income of $6.9 million, or $0.42 per diluted share, a significant improvement from a loss of $33 million in Q1 2020. Total operating revenue was $279.1 million, down 31.8% year-over-year, while total operating expenses dropped by 51.7%. Adjusted EBITDA was negative at $(15.4) million. The company restored capacity to pre-pandemic levels with a 3.1% increase in scheduled capacity compared to 2019. They anticipate full-year capacity to exceed 2019 levels, reflecting improving booking trends.